Zacks Investment Research downgraded shares of TiVo (NASDAQ:TIVO) from a hold rating to a sell rating in a research report sent to investors on Wednesday.
According to Zacks, “Estimates have remained stable ahead of TiVo’s fourth-quarter 2017 results. The company has been benefiting from new licensing agreements, as well as the introduction of innovative products. Going ahead, the merger of TiVo and Rovi has brought together two leading players in the media entertainment industry, with complementary products and services, as well as a number of patented technologies. Nonetheless, we are concerned about the uncertainty regarding the settlement of the ongoing dispute between TiVo and Comcast. Comcast has decided to fight against the ruling in the US Patent and Trademark office, which may take another 8-12 months to resolve. Also, Comcast may not renew its existing licensing agreement with TiVo, which is set to expire in July this year, thereby resulting in a huge loss of revenues for the company. All this makes us increasingly cautious about TiVo near-term prospects.”
Several other equities analysts also recently issued reports on TIVO. B. Riley reissued a buy rating and issued a $31.00 target price on shares of TiVo in a research report on Monday, October 30th. Piper Jaffray Companies reissued a buy rating and issued a $25.00 target price on shares of TiVo in a research report on Friday, November 3rd. Finally, BWS Financial assumed coverage on TiVo in a research report on Monday, January 22nd. They set a buy rating and a $25.00 price target on the stock. One analyst has rated the stock with a sell rating and six have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $23.20.
TiVo (NASDAQ:TIVO) opened at $14.00 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.38 and a quick ratio of 2.33. TiVo has a 12-month low of $12.75 and a 12-month high of $21.75. The stock has a market capitalization of $1,760.00, a price-to-earnings ratio of -35.90, a P/E/G ratio of 1.07 and a beta of -0.10.
In related news, CEO Enrique Rodriguez purchased 55,974 shares of the business’s stock in a transaction on Friday, December 1st. The shares were bought at an average cost of $17.86 per share, with a total value of $999,695.64. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.57% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in TIVO. PNC Financial Services Group Inc. grew its position in TiVo by 17.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,313 shares of the technology company’s stock worth $155,000 after purchasing an additional 1,239 shares during the period. New York State Common Retirement Fund grew its position in TiVo by 6.4% during the 2nd quarter. New York State Common Retirement Fund now owns 131,037 shares of the technology company’s stock worth $2,444,000 after purchasing an additional 7,899 shares during the period. California Public Employees Retirement System grew its position in TiVo by 2.2% during the 2nd quarter. California Public Employees Retirement System now owns 289,284 shares of the technology company’s stock worth $5,395,000 after purchasing an additional 6,300 shares during the period. Parametric Portfolio Associates LLC grew its position in TiVo by 17.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 347,425 shares of the technology company’s stock worth $6,479,000 after purchasing an additional 50,818 shares during the period. Finally, Voya Investment Management LLC grew its position in TiVo by 10.0% during the 2nd quarter. Voya Investment Management LLC now owns 53,638 shares of the technology company’s stock worth $1,000,000 after purchasing an additional 4,898 shares during the period. 89.96% of the stock is currently owned by institutional investors.
TiVo Company Profile
TiVo Corporation is engaged in offering media and entertainment products. The Company operates through two segments: Intellectual Property Licensing and Product. The Company’s Product segment includes a suite of component technologies that can be integrated into media service provider internally developed platforms or deployed as an integrated TiVo solution.
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